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Beware of Barclay Loans
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sihingwa
#131 Posted : Thursday, November 03, 2011 5:21:20 PM
Rank: Member

Joined: 9/29/2010
Posts: 216
Location: Kenia
Tebes wrote:
TUPAC wrote:
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.



How does 1% per month rate translate to 6.3% rate per annum? Last I heard there were 12 months in one calender monthsmile


@ Tebes, KEYWORD is reducing balance. in 8-4-4 we did such calculations in primary school;

Assume you borrow Ksh 120,000 to repay at 1% a month reducing balance...what will you repay back ?

Principle Monthly Interest Principle Monthly + Interest TOTAL
Jan 120000 10000 1200 11200
Feb 110000 10000 1100 11100
Mar 100000 10000 1000 11000
Apr 90000 10000 900 10900
May 80000 10000 800 10800
Jun 70000 10000 700 10700
Jul 60000 10000 600 10600
Aug 50000 10000 500 10500
Sep 40000 10000 400 10400
Oct 30000 10000 300 10300
Nov 20000 10000 200 10200
Dec 10000 10000 100 10100
120000 7800 127800

Yearly interest 6.5
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  | | Edit by user: Thursday, November 03, 2011 5:25 PM | Reason: Not specified
TUPAC
#132 Posted : Thursday, November 03, 2011 5:32:39 PM
Rank: Member

Joined: 12/8/2009
Posts: 274
Location: Ltktk
sihingwa wrote:
Tebes wrote:
TUPAC wrote:
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.



How does 1% per month rate translate to 6.3% rate per annum? Last I heard there were 12 months in one calender monthsmile


@ Tebes, KEYWORD is reducing balance. in 8-4-4 we did such calculations in primary school;

Assume you borrow Ksh 120,000 to repay at 1% a month reducing balance...what will you repay back ?

Principle Monthly Interest Principle Monthly + Interest TOTAL
Jan 120000 10000 1200 11200
Feb 110000 10000 1100 11100
Mar 100000 10000 1000 11000
Apr 90000 10000 900 10900
May 80000 10000 800 10800
Jun 70000 10000 700 10700
Jul 60000 10000 600 10600
Aug 50000 10000 500 10500
Sep 40000 10000 400 10400
Oct 30000 10000 300 10300
Nov 20000 10000 200 10200
Dec 10000 10000 100 10100
120000 7800 127800

Yearly interest 6.5

thats right@sihingwa. ukweli mtupu!!
...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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mozenrat
#133 Posted : Thursday, November 03, 2011 6:57:46 PM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!





Obviously not all.. Mhasibu charges 1.5% per month for a short term loan.. and pssst.. its the only one whose rate they've disclosed.. see here.. http://mhasibusacco.com/index.php/short-term

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For Sport
#134 Posted : Thursday, November 03, 2011 7:08:24 PM
Rank: Veteran

Joined: 12/23/2010
Posts: 1,229
@ Tebes
Add: you also receive dividends on the amount you'd saved with your SACCO.
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mozenrat
#135 Posted : Thursday, November 03, 2011 7:10:16 PM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
TUPAC wrote:
sihingwa wrote:
Tebes wrote:
TUPAC wrote:
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.



How does 1% per month rate translate to 6.3% rate per annum? Last I heard there were 12 months in one calender monthsmile


@ Tebes, KEYWORD is reducing balance. in 8-4-4 we did such calculations in primary school;

Assume you borrow Ksh 120,000 to repay at 1% a month reducing balance...what will you repay back ?

Principle Monthly Interest Principle Monthly + Interest TOTAL
Jan 120000 10000 1200 11200
Feb 110000 10000 1100 11100
Mar 100000 10000 1000 11000
Apr 90000 10000 900 10900
May 80000 10000 800 10800
Jun 70000 10000 700 10700
Jul 60000 10000 600 10600
Aug 50000 10000 500 10500
Sep 40000 10000 400 10400
Oct 30000 10000 300 10300
Nov 20000 10000 200 10200
Dec 10000 10000 100 10100
120000 7800 127800

Yearly interest 6.5

thats right@sihingwa. ukweli mtupu!!



It would be nice if that was the way it actually worked... from a sample of Sacco websites however, I find that when they say 1%, they actually mean that they've taken their pre-determined annual rate and divided by 12.. check out these two who offer calculators on their websites...http://www.kbsacco.co.ke/loans/main-development-loans.html

http://www.maishaborasac...mp;task=2&article=2
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Lolest!
#136 Posted : Thursday, November 03, 2011 8:13:02 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
@mozenrat, you are right. That is just a marketing gimmick by SACCOs.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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TUPAC
#137 Posted : Thursday, November 03, 2011 8:27:25 PM
Rank: Member

Joined: 12/8/2009
Posts: 274
Location: Ltktk
Lolest! wrote:
@mozenrat, you are right. That is just a marketing gimmick by SACCOs.

its no gimmick. have been a member of a reputable sacco and that is the effective annual rates i have been paying on normal loans for the last 9 years. unless one belongs to a sacco, one may not appreciate the facts of the sacco loans!
...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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maligumu
#138 Posted : Thursday, November 03, 2011 9:10:23 PM
Rank: Member

Joined: 2/22/2010
Posts: 510
Location: De egg
SACCOs are very clear on their loans . Intrest is 1 % PM on reducing balance . Infact its clearly reflected in their monthly payment slip . For the Thomases a simple example will do . If u get a loan of 120000 ksh payable in 12 months . In the first month u will pay 10000 plus 1200 . In the twelveth month u will pay 10000 plus 100 ksh . Loan cleared .
Peace be with you
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